Today’s Top News & Analysis
The EU approves EUR1bn financial assistance for Egypt
World Bank studies giving Egypt USD700mn
9M FY24 government's revenues up by 57% y/y
JUFO 2023: Net profits boosted mainly by better operations
MACRO
The EU approves EUR1bn financial assistance for Egypt
The European Union (EU) approved the release of EUR1bn for Egypt as a short-term financial assistance to be the first tranche of the agreed package worth EUR5bn. The tranche is planned to be delivered before the next summer. (Enterprise)
World Bank studies giving Egypt USD700mn
Sources said that the World Bank is studying to give Egypt a USD700mn loan to support the economy. This is expected to be the first tranche of three. (Economy Plus)
9M FY24 government's revenues up by 57% y/y
The government's revenues increased through 9M FY24 by 57% y/y to EGP1.5tn, while excluding the Ras El-Hekma deal it grew by 38% y/y. In addition, tax revenues grew by 41% y/y to more than EGP1tn, and the non-tax revenues grew by 123% y/y. Meanwhile, the budget deficit came flat at 5.4% of total GDP with the government expenditure growing by 51% y/y to EGP2.3tn. Regarding the primary surplus, it grew to 3% of the total GDP to EGP416bn vs. only EGP50bn last year. The Minister of Finance said that the government plans to decrease the debt servicing bills to 30% of the total government's spending. (Enterprise)
CORPORATE
JUFO 2023: Net profits boosted mainly by better operations
Juhayna Food Industries [JUFO] posted its 2023 consolidated results with a 60% y/y expansion in net profits to EGP1bn on:
- Better revenues of EGP16bn (+42% y/y).
- Higher other income of EGP179mn (+46% y/y).
- Improved SG&A-to-revenues ratio of 14.4% (+1.7pp y/y).
- Reversal of impairments of EGP6mn vs. loss of impairment of EGP13mn last year.
Meanwhile, the gross profit margin came in flat at 26.2% (+0.6pp y/y). (Company disclosure)
Markets Performance
Key Dates
16-Apr-24
ORHD: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
17-Apr-24
MASR: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
18-Apr-24
SWDY: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
SWDY: EGM / Discussing capital reduction & amending Articles No. 6 & 7 of the company's bylaws.
CLHO: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
CICH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
CICH: EGM / Amending some Articles of the company's bylaws.
20-Apr-24
DSCW: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
DSCW: EGM / Amending Articles No. 3, 4 & 7 of the company's bylaws.
21-Apr-24
CIEB: Cash dividend / Deadline for eligibility for a dividend of EGP1.145/Share.
EFID: Cash dividend / Deadline for eligibility for a dividend of EGP0.428/Share.
CERA: Cash dividend / Deadline for eligibility for a dividend of EGP0.025/Share.
COMI: Cash dividend / Deadline for eligibility for a dividend of EGP0.55/Share.
ETEL: Cash dividend / Deadline for eligibility for a dividend of EGP1.50/Share.
22-Apr-24
AMIA: Cash dividend / Deadline for eligibility for a dividend of EGP0.050/Share.
24-Apr-24
CIEB: Cash dividend / Payment date for a dividend of EGP1.145/share.
EFID: Cash dividend / Payment date for a dividend of EGP0.428/share.
CERA: Cash dividend / Payment date for a dividend of EGP0.025/share.
COMI: Cash dividend / Payment date for a dividend of EGP0.55/share.
ETEL: Cash dividend / Payment date for a dividend of EGP1.50/share.
PHAR: Cash dividend / Deadline for eligibility for a dividend of EGP2.00/Share.
ORWE: Cash dividend / Deadline for eligibility for a dividend of EGP1.25/Share.
EFIH: Cash dividend / Deadline for eligibility for a dividend of EGP0.187/Share.
EFIC: Cash dividend / Deadline for eligibility for a dividend of EGP7.00/Share.
28-Apr-24
AMIA: Cash dividend / Payment date for a dividend of EGP0.050/share.
29-Apr-24
RMDA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
BTFH: OGM / Approving financial statements ending 31 Dec. 2023.
30-Apr-24
EGAL: OGM / Approving the estimated budget of FY 2024/2025.
PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (1st installment).
ORWE: Cash dividend / Payment date for a dividend of EGP1.25/share.
EFIH: Cash dividend / Payment date for a dividend of EGP0.187/share.
EFIC: Cash dividend / Payment date for a dividend of EGP2.00/Share (1st installment).
PRCL: OGM / Considering renting a ceramic factory.
PRCL: EGM / Amending some Articles of the company's bylaws.
1-May-24
AIH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.